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1 InsideSales.com Research and Analytics Division multi-media response study march 2010 presented by david elkington insidesales.com and james oldroyd, phd skk graduate school of business

2 LeadResponseManagement.Org page 2 overview In follow up to the 2007 InsideSales.com Lead Response Management Study presented at the 4th annual Marketing Sherpa s Summit, this study employs analysis on a much more extensive data set and isolates key variables giving new insight into response time effectiveness in B2B and B2C lead qualification. Working from a sample pool of over 1 million observations representing 38 remote sales companies this study reaffirms the conclusions of the previous study that response time is vital in lead response management. It also explores effectiveness in response times associated with combination of multiple media methods between telephone and contact. The study analyzes data by isolating B2B and B2C data points in survival probability over long- and short-term response life cycles, assessing the rates between the lead interest event, contact, and qualification. At a more granular level this study compares a set of four specific industry verticals to determine response time versus lead qualification effectiveness. Summarized below are some of the significant findings of the study: 1. In B2B contacts a very early response is exponentially more effective. 2. Analyzing B2C leads within the first 16 minutes after interest event, 90% of total qualifications resulted from the combination of phone then follow up . Conversely, combining then phone was extremely ineffective. 3. Tech industry verticals showed a sharp drop off in response effectiveness within 20 minutes of the interest event. 4. The effectiveness of contacts made at 5 minutes after interest event was 7.8 times more likely to qualify than at 30 minutes, with a continued sharp drop-off in effectiveness over time. 5. Qualifying leads was 32 times more successful when contacting 1 hour after interest event versus 24 hours. 6. Backing off 2 to 10 hours after a call before ing was more effective than ing within the first hour and backing off for 13 hours from calling after an was 2.76 times more effective than calling immediately.

3 LeadResponseManagement.Org page 3 background insidesales.com lead response management study - oct This study draws from the lead response data of 24 B2C and 14 B2B remote sales companies. Over a 12 month period these companies generated 1,060,913 B2C and 126,695 B2B observations, totaling N = 1,187,608. Each company utilized varying contact approaches and methodologies in defining the key metrics of created, contacted, and qualified, so the data from each was normalized in order to treat the full set of observations as an aggregate. The analysis in this study is based on the Cox semi-parametric proportional hazards model and the Kaplan-Meier product limit estimator where survival over time indicates the likelihood of an event occurring (e.g. a qualification). For hazard ratios the resulting B2B and B2C bar charts are superimposed to make direct visual comparisons. In the Kaplan-Meier plots the theoretical probability begins with 100% at zero seconds, then drops off, and varies over time onwards. In each analysis the number of observations (N) is noted, though the number varies between sets because in each case there were some observations that were not applicable and were consequently excluded. This data set represents a snapshot in time of behavior, but it helps identify significant trends that can help in modeling future response management strategies. This study focused on one question: What is the time interval for B2B and B2C companies to contact new leads for optimal qualification rates???

4 LeadResponseManagement.Org page 4 To standardize the meaning of the results, the following definitions and terms were used: STUDY TERMS & DEFINITIONS FOUR DATA POINTS IN THE LEAD LIFE CYCLE LEAD CREATED TIME the date and time that a web-form was filled out and submitted by a lead. FIRST DIAL ATTEMPT TIME the first date and time that a sales or lead qualification representative attempts to call or dial a web lead. FIRST CONTACT TIME the first date and time that a sales or lead qualification representative makes a successful contact. FIRST QUALIFICATION TIME the date and time that a lead becomes qualified DATA DEFINITIONS CALL/DIAL a call or dial is the physical action of a sales or lead generation calling a lead. CONTACT for the purposes of this study, a contact is defined as a call that connects with a live person and lasts a defined number of seconds. 1 QUALIFY a qualification is a stage in the lead nurturing process where that lead is willing to enter the sales process in some cases this means that a lead sets an appointment with a sales representative to begin the sales process. 2 details 1. created to contacted analysis The analysis of B2B and B2C multimedia response time effectiveness tracked phone and as the first contact after the lead creation. phone Both B2B and B2C contacts showed an extremely rapid drop off, allowing only 1 minute before dropping to 28% for B2C and 16% for B2B. After that rapid drop, both similarly declined and leveled off within a few minutes. B2B dropped off at a slightly gentler rate, allowing for a little extra time. B2C allowed practically no delay before the leads began growing cold.

5 LeadResponseManagement.Org page 5 There was a rapid drop after the first hour for both B2B and B2C lead contacts. By the second hour the qualification rate dropped to approximately 12% for B2C and 14% for B2B. B2C qualifications were 8.4 times more likely to occur within the first hour compared to waiting for the second hour, similar to the rate of 7.4 times for B2B. Waiting for the 24th hour to call back was 74.4 times less effective than calling in the first hour for B2C and 66% less effective for B2B.

6 LeadResponseManagement.Org page 6 Our next question was to see if there is a better time of day to call to get optimal contact and qualification ratios. we used the same definition of terms for call (attempt), contact, and qualify.

7 LeadResponseManagement.Org page created to qualified analysis: The analysis of B2B and B2C multimedia response time effectiveness utilized combinations of contact methods including: Only then Phone Phone Only Phone then s short term (16 minutes) b2b / b2c comparison Phone followed by clearly stood out as most effective for B2B lead qualification for short-term observations. Phone was only a distant second, but was still strong for qualifying leads. In B2C observations it seems all methods followed a similar gradual slope down with no clear optimal approach. b2b The multimedia approach of contacting first by phone then following with an is significantly more effective than all other combinations, comprising 90% of total qualifications. Conversely, ing first then following with phone contact loses effectiveness almost immediately. Phone contact allows a bit more time in following up and shows more receptiveness while initial contact is a turn off. Phone contact allows a bit more time in following up and shows more receptiveness while initial contact is a turn off.

8 LeadResponseManagement.Org page 8 b2b This plot has an almost constant slope suggesting that lead qualifications are directly proportional to the response time. Immediate response is strongly correlated with results. The effectiveness drops to zero at 16 minutes in all cases, so speed is critical. short term (24 hours) b2b / b2c comparison B2B contacts reacted well to phone only, matching up with a phone and combination at about 14 hours, and alone dropped off sharply within an hour and stayed at the bottom. B2C contacts reacted well to for the first 4 hours, then transitioned to telephone, spanning out to 12 hours before slumping down again. Multimedia combinations yielded relatively poor lead qualification rates throughout the time period. b2b Once a lead shows interest there is a space of approximately 20 minutes that is most effective for qualification. Beyond 20 minutes the probability of qualifying the lead levels off and gradually degrades to zero within 24 hours, where all contact methods are equally ineffective. After the sweet spot of 20 minutes has past it takes a lot more effort and an aggressive contact approach to pursue qualifications.

9 LeadResponseManagement.Org page 9 b2c Response speed is vital since the effectiveness drops off rapidly. It does level off at about 1 to 2 hours, but the probability dropped below 50% by that time. Past 2 hours the effectiveness levels off and only gradually declines through the day, but dies off entirely by 24 hours. This study ran plots isolating the 5 working days of the week over the same 24 hour span but with only marginal differentiation. Action in the first 1 to 2 hours can yield over 50% effectiveness, but a long plateau of under 30% opens up from 2 to 14 hours.

10 LeadResponseManagement.Org page 10 long-term (6+ months) b2b / b2c comparison Surprisingly, B2B leads are much more enduring than B2C leads. Unlike the B2C leads, they last several months before going completely cold. In fact, telephone contact may keep many of these leads active for four months or more. B2C lead phone contacts cooled off significantly within one month and leveled off to modest results at 2+ months. B2B leads react best to alone, but the effectiveness drops off sooner than B2C and levels out at a low rate around 6 months. Neither showed a boost from combining phone and in the approach. CREATED TO QUALIFIED B2B: LONG TERM (6 MONTHS) mo 4 mo 6 mo 8 mo 10 mo 12 mo 14 mo S ONLY 2010 insidesales.com inc PHONE ONLY THEN PHONE PHONE THEN S b2b This plot shows that phone contact stands out as the best method up to the point of approximately 4 to 6 months, when overtakes in effectiveness. After about 4 months the effectiveness of phone contact drops to the point where a cheaper nurturing approach makes sense. It is apparent that the combination of multimedia contacts is overwhelming and cuts effectiveness significantly. b2c This time scale proves to be inappropriate for studying effective response rates since the drop to zero is almost immediate. Analyzing the type of media seems insignificant since none of them stands out convincingly, though the approach of is only reasonable up to 6 months since it is inexpensive and requires minimal effort. Certainly after 4 to 6 months all methods are a waste of time.

11 LeadResponseManagement.Org page 11 industry specific response time analysis (short term) CREATED TO QUALIFIED B2B: BY INDUSTRY (48 HOURS) hrs 16 hrs 24 hrs 32 hrs 40 hrs 48 hrs INFORMATION COMMUNICATIONS FINANCIAL SAAS HEALTH CARE PROFESSIONAL 2010 insidesales.com inc industry The sectors of communications and information technology are highly time sensitive, showing a rapid drop off almost immediately in the time frame of this chart. Software as a Service(SaaS) and professional services firms showed a moderate and more leveled drop off, and financial and healthcare lead qualifications were reasonably effective out to 24 hours.

12 LeadResponseManagement.Org page contacted to qualified analysis: The analysis of B2B and B2C multimedia response time effectiveness utilized the following contact method combinations: Dial then then dial 1. It was not apparent to draw a real trend from the data. It is clear that ing too soon yields a poor qualification rate. The data was spread out and neither was highly successful, but B2C showed a more favorable reaction to a follow up after phone contact.

13 LeadResponseManagement.Org page 13 Following up an with a phone contact resulted in much different behavior for the two sets. B2B leads started our lower for the first several hours but showed and upswing in effectiveness centered around the 13th hour. B2B leads reacted best around the 3rd hour, with a second peak around the 17th hour; they were 8.1 times more likely to qualify from an in the 2nd hour instead of the 1st, and 10.2 time more likely in the 3rd instead of the 1st. This is as we would expect: B2B leads are much more likely to have seen an within a few hours, whereas B2C leads require holding off longer to allow them sufficient time to read the . Allowing enough time for an to connect with a B2C lead increases qualifications, but B2B leads don t want to wait.

14 LeadResponseManagement.Org page 14 analysis conclusion categories The methods for analysis were subdivided into three categories based on their timing in the life cycle of qualifying a lead: created to contacted, which is the time from the lead created time to making initial contact; created to qualified, which is the time from making initial contact to qualifying the lead; and contacted to qualified, which is the time from the lead created time to qualifying the lead. All methods involved plotting survival probability charts from sample observations (N) and directly comparing B2B and B2C behavior. The study augmented the created to qualified analysis with hazard regression charts and specific industry verticals since they provided noteworthy insight into response management strategy. 1. for the purposes of this study, this time was different for each company s data ranging from 2 minutes to 6 minutes, but corresponding to the defined length of a contact with the lead respondent. 2. each company involved in the study had their own way to indicate a qualified lead. the analysis of the data took this into account. conclusion about insidesales.com this study revealed the following: 1. Analyzing multimedia lead response effectiveness between created, contacted, and qualification time events did reveal statistical significance that encourages further study. 2. Just as in the previous Lead Response Management study of 2007, this analysis reinforces the significance of a timely response to an event of expressing interest. 3. Varying combinations of contact media do show significant differentiation, and targeting B2B or B2C contacts revealed actionable approaches. 4. Sending an immediately after a phone contact is much less effective than delaying the for 2 to 13 hours. 5. Response time effectiveness in B2B drops off more sharply than in B2C.

15 LeadResponseManagement.Org page 15 about dr. insidesales.com james oldroyd, phd Dr. Oldroyd teaches Negotiations, Leadership and Entrepreneurship at SKK GSB. He also taught at Kellogg and BYU. He holds a PhD in Management and Organizations from the Kellogg School of Management, Northwestern University. Dr. Oldroyd holds an MBA and a BA from Brigham Young University. Dr. Oldroyd has researched and written about the challenges organizations face in learning from their customers. He is the co-author of a recent Harvard Business Review article entitled The Quest for Customer Focus (Harvard Business Review, April 2005). WEB: james@jamesoldroyd.com SUNGKYUNKWAN UNIVERSITY GLOBAL SCHOOL OF BUSINESS: 53 Myeongnyun-dong 3-ga Jongno-gu, Seoul South Korea Dr. Oldroyd s dissertation work examines the impediments to information flows through informal social networks within organizations. Dr. Oldroyd teaches Negotiations and Leadership at the Kellogg School of Management. He has also taught Strategic Management at Brigham Young University and has developed course material for several topics including: entrepreneurship, leadership and change, and organizational structure. Dr. Oldroyd has been involved in numerous advisory projects to corporations. Several of these projects have been focused on developing an organizational strategy for firms that are under pressure from the environment, competitors or internal pressures.

16 LeadResponseManagement.Org page 16 about insidesales.com InsideSales.com is a leading provider of B2B power dialer technology and lead management solutions used to increase lead generation, lead conversion, and lead process visibility. They were the first company to embed telephony voice technology into sales and marketing automation solutions on the web as an on-demand subscription service. These tools include web form callback, automatic dialers, power dialers, voice broadcasting, lead nurturing solutions, and integration with online CRMs solutions like Salesforce.com. InsideSales.com is a partner on the AppExchange Platform. InsideSales.com s customers include Dun&Bradstreet, Omniture, HP, and FranklinCovey. WEB: sales@insidesales.com INSIDESALES.COM HEADQUARTERS: 34 E 1700 South Suite 113 Building A Provo, Utah TEL FAX SEARCH MARKETING click generation LEAD GENERATION site conversion LEAD MANAGEMENT lead qualification SALES MANAGEMENT opportunity closing INDUSTRY: Hosted Software PRODUCTS: PowerDialer for Salesforce, JabberDog, ResponsePop cost/click cost/lead cost/prospect cost/customer Pay per Click Search Engine Optimization Pay per Lead Marketing Aªliate Marketing Direct Mail Online Advertising Blogging/Podcasting etc. Website Analytics Split Testing Multivariant Testing Conversion Design Form Design Content Management Landing Page Design Conversion Analytics Lead Capture Lead Routing Auto Responders Lead Response Lead Qualification Response Loop Reporting Lead Source Tracking Qualification Analytics Prospect Management Contact Management Sales Management Quote Management Forecast Management Sales Collateral Mgmt Sales Process Mgmt Cutomer Management MARKETING»»»»»»»»»»»» «««««SALES 2010 InsideSales.com, Inc. InsideSales.com, PowerDialer for Salesforce.com, ResponsePop, and JabberDog are trademarks of InsideSales.com. All other trademarks are the property of their respective owners. All rights reserved. US Patent Pending.

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